Business and project managers have been making use of time tracking as a trick of the trade for a long time now.
This helps them in keeping projects scheduled, ensuring optimum business health.
There are a host of other benefits that can be reaped from implementing time tracking solutions to streamline sales process. Here are a few:
Describe Your Ideal Client
When your business was launched, you possibly said yes to every company that showed interest in hiring you or your services. But things change as you progress. You tend to take on a more long-term approach that possibly involves saying no to potential patrons.
Time tracking software helps in determining which clients can prove to be the most profitable. Similarly, it helps identifying customers that take more time than they should. As you get hold of this crucial information, you can come up with a profile of around 2-3 customers based on the outstanding projects you have undertaken in the past.
Then, the sales department can utilize the profile of these clients to better understand and prioritize potential customers.
Update Your Pricing
When businesses expand over time, you find yourself better able to offer more value to customers. As a result, you may consider updating your prices as well. Thanks to time tracking, you can smoothly make changes to your pricing structure. It is a common practice for businesses to price their products/services based on their gut feelings. When you’re unaware of the amount of time being spent on each project, you can never be sure if you are charging a justified amount or losing.
Time tracking software can precisely tell you which projects are making you lose money. As a result, you can easily alter the prices in the contract.
Back Up Your Sales Pitches
Data is undoubtedly one of the few things people prefer today. With online time tracking software, you can back your sales pitch with concrete information. This strengthens the proposals for potential clients. For instance, if a potential customer tries to push back on your quoted price, you can back your pitch with data from a comparable project. Doing so will restore your client’s confidence that you aren’t merely gouging with the price.
When you’re determining the timeline of a project, time tracking can be of immense help.
With history, you can get guidance about how long a project may take to get completed. Moreover, you can clearly see how many hours it took for a project to complete, permitting you to provide a comprehensive project timeline to potential customers.
To help increase your company’s revenue, investing in a time tracking software seems viable.
At Chrometa, we provide our clients with reliable and 100% accurate time tracking solutions that allow them to passively record time, converting them into billable entries. To get your time tracker, call us now at+1 916 546 9974 right away.